Redington gains after offloading stake in overseas arm

Redington (India) rose 1.89% to Rs 116.10 at 09:55 IST on BSE after the company announced that its overseas step down subsidiary has sold its entire holding in its Turkish subsidiary.

The announcement was made after market hours yesterday, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 130.29 points or 0.44% at 29,706.03. The S&P BSE Mid-Cap index was up 88.04 points or 0.61% at 14,410.33

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 6.08 lakh shares in the past one quarter. The stock hit a high of Rs 116.30 and a low of Rs 115.10 so far during the day. The stock had hit a 52-week high of Rs 126.65 on 24 May 2016. The stock had hit a 52-week low of Rs 79.70 on 9 November 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 4.88% compared with 2.17% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 13.67% as against Sensex's 9.95% rise.

The mid-cap company has equity capital of Rs 79.97 crore. Face value per share is Rs 2.

Redington (India) announced that its overseas step down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S sold its entire holding of 51% in its subsidiary, Adeo Bilisim Danismanlik Hizmetleri San ve Tic AS, Turkey, for $1.65 million.

On a consolidated basis, net profit of Redington India rose 5.65% to Rs 118.23 crore on 21.73% rise in net sales to Rs 10960.83 crore in Q3 December 2016 over Q3 December 2015.

Redington (India) is a supply chain solutions provider worldwide to leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.

Powered by Capital Market - Live News